How Much Should I Charge For My Product or Service?

“My margins are horrible”

Is it possible you’re struggling with pricing courage?

Do you wrestle with the question “How much should I charge for my product or service”?

On a regular basis, I’m talking to my clients about pricing and quality. Some of the bravest and

most successful entrepreneurs I’ve ever met are reluctant to charge appropriately for their

quality service or product.

…And the crazy thing is they have among the best product or service on the market.

They are frequently doing the following:

1) Discounting their rates to GET or KEEP a client

2) Over-servicing clients because they underpriced them

3) They lack the confidence to charge appropriately for their product or service

4) They seldom raise their prices, even though the cost of everything else around us is up

5) Ultimately, call me to help them figure out why their margins suck

Throughout my entire career, I have always believed in the power of Premium.

Premium quality, premium service, and yes, premium pricing, because you’ve earned it and are

worth it. The landscape is cluttered with low-priced discounted products and services. Quality, service,

and dependability are sacrificed in most cases.

It’s a race to the bottom and most customers are only loyal to the cheapest price. In other

words, they will only buy your product for as long as you are the lowest priced.

Essentially, your product or service has no value.

• Is that what you dreamed of when you started your business?

• Is that what you want your legacy to be?

• Is that a business you’d be proud of?

Here’s the key to being premium: You’d better bring you’re A-game and deliver a top-notch

product or service. You can’t fake it. People who are willing to pay for quality will very quickly

dump you if you don’t deliver.

The good news is, regardless of your price, the right customers will be loyal to you because you

focus on quality and value. You’ll seldom lose the good ones.

…Aaaand, you need to have a great biz dev process to bring in more of the right customers vs

just waiting for a customer, any customer, to drop out of the sky.

So what’s the answer to the question, “How do I decide how much to charge for my

service?

My answer is “I guess it depends on what you think it’s worth”…